Money market fund assets rose to $2.612 trillion

Published on NewsOK Modified: November 29, 2012 at 5:37 pm •  Published: November 29, 2012
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NEW YORK (AP) — Total U.S. money market mutual fund assets rose $10.09 billion to $2.612 trillion for the week that ended Wednesday, according to the Investment Company Institute.

Assets of the nation's retail money market mutual funds rose $1.32 billion to $904.22 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category rose $1.35 billion to $713.07 billion. Tax-exempt retail fund assets fell $20 million to $191.15 billion.

Meanwhile assets of institutional money market funds rose $8.76 billion to $1.708 trillion. Among institutional funds, taxable money market fund assets rose $9.49 billion to $1.627 trillion. Assets of tax-exempt funds decreased by $740 million to $80.26 billion

The seven-day average yield on money market mutual funds was unchanged from the previous week at 0.02 percent in the week that ended Tuesday, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.

The 30-day average yield was flat at 0.02 percent from last week. The seven-day compounded was unchanged at 0.02 percent. The 30-day compounded yield was also flat at 0.02 percent, Money Fund Report said.